Reference no: EM132738964
Question - Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows:
A. Timber rights on a tract of land were purchased for $3,180,540 on February 22. The stand of timber is estimated at 5,214,000 board feet. During the current year, 1,125,600 board feet of timber were cut and sold.
B. On December 31, the company determined that $4,023,000 of goodwill was impaired.
C. Governmental and legal costs of $6,720,000 were incurred on April 3 in obtaining a patent with an estimated economic life of 12 years. Amortization is to be for three-fourths of a year.
Required -
1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items.
2. Journalize the adjusting entries required to record the amortization, depletion, or impairment for each item. Refer to the Chart of Accounts for exact wording of account titles.
What the incremental costs was
: Direct costs would have been P650,000. In addition, Leba's fixed costs during the fiscal year were P110,000. The incremental (decremental) costs was
|
Using the basic approach in incremental analysis
: P204,000 for B, then using the basic approach in incremental analysis, incremental revenues, costs, and net income, in comparing B to A are respectively
|
About raising children in highly sexualized culture
: Many parents, family members, and early childhood professionals today express concerns about raising children in a highly sexualized culture.
|
How income will change by
: Variable costs equal to 75% of sales and total fixed costs equal to 15% of sales. Based on variable costing, if sales change by P1.00, income will change by
|
Determine the amount of the amortization
: Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items
|
Families to promote children education
: Describe and explain the many ways and strategies you would use in order to collaborate with families to promote their children's education
|
How much was the overhead volume variance for the year
: Assuming that actual factory overhead was equal to the budgeted amount of overhead, how much was the overhead volume variance for the year?
|
Compute the amount of phantom profit
: The company uses the periodic method. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO
|
What the total overhead was for aldorp
: Fixed overhead budget variance, a P6,000 unfavorable variable overhead spending variance, and a P2,000 favorable volume variance. The total overhead was
|